HONOLULU (KHON2) – Prices for certain goods are skyrocketing across the country. Used cars are now giving buyers a sticker shock.
Experts say it’s the perfect storm.
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An unforeseen one rising demand Combined with a shortage of semiconductor chips, the supply chains had an impact when automakers didn’t produce as many vehicles, resulting in a limited supply of cars.
“It just means that more people are trying to buy used cars. That puts pressure on used cars and that increases the pressure on them, ”said Cox Automotive for Kelley Blue Book and Auto Trade editor Matt Degen.
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AUTOSOURCE owner Rima Braden said the used car market has grown 25% since May.
“That will never happen again, I don’t think it will be, this is the only time in at least a decade, maybe a lifetime.” said Braden.
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He says some people might consider their vehicle an investment, especially trucks.
“If someone has a 2017 Tacoma they probably bought it for about 30 grand when it was new, if they look up today the blue book is over 30 thousand dollars. It’s just nutty. ”Said Braden.
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When does the increase stop? Experts say when the production of new vehicles will pick up again.
“Nissan told me that they expect production to return to normal in August / September so that we should be back where we should be by the end of the year,” said Mark Caliri, general manager of Windward Nissan.
Those looking to buy now should definitely do some homework.
“Do some research,” said Degen. “Is it right for your family? There is a lot of research that will help you even before you step into the dealership lot. “